Hyeonguk Jang, who led the virtual asset ‘Wemix’ project at the Korean game company Wemade, will take on the role of co-CEO at Action Square. Alongside this appointment, a 5 billion KRW (approximately 50 million USD) investment was made in Action Square through a third-party allotment of new shares.
On December 12th, Action Square announced that Jang Hyeonguk would assume his CEO duties starting January 1st of the following year. As CEO, Jang is expected to focus on blockchain new ventures and game developer investments at Action Square.
Jang started his tenure as CEO of Wemade in 2014 and has been committed to the virtual asset ecosystem and blockchain games since issuing Wemix in January 2018. However, he is currently facing legal charges for allegedly preventing a price drop by making false announcements related to the suspension of Wemix’s liquidity in January 2022.
Kim Yeonjun, the CEO of Action Square, stated, “As we enter the Trump 2.0 era, where blockchain and virtual assets are being institutionalized, Jang’s experience and capabilities can transform Action Square into a completely different company.” He added that existing games and those in development, such as Dungeon Stalkers, will continue as planned.
Meanwhile, alongside Jang’s new stock allocation, ST Private Investment Association No. 45 is set to invest 20 billion KRW (approximately 200 million USD) through the issuing of private convertible bonds. The company plans to use the newly raised funds for operational expenses, including blockchain new ventures, and for investments.